Army Declares War on Payday Lenders.On Gen. Screven Method

Army Declares War on Payday Lenders.On Gen. Screven Method

The one-mile strip of fast-food joints and pawn shops leading to the front gate of Ft on Gen. Screven Way. Stewart, getting a loan of $100 to $500 is all about as simple as purchasing a cheeseburger.

Numerous businesses that are strip-mall such names as look into CA$H (“Need money Today? It’s effortless as 1-2-3″), First American money Advance, Gold Check C.S. Payday Advance, and PJ money (“Civilian and Welcome” that is military).

Ft. Stewart has declared so-called payday loan providers enemies at its gate, accusing them of preying on U.S. troops with high-interest, short-term loans that plunge them deep into financial obligation.

“It’s like riding a merry-go-round — when you can get on, it is difficult to log off,” said Frederick Sledge, a crisis relief officer at Ft. Stewart whoever workplace provides loans that are interest-free soldiers in financial difficulty.

Army bases through the country are becoming magnets for payday lenders, which charge charges since high as $30 every fourteen days per $100 borrowed — which equals a yearly interest of 780%.Continue reading